top of page
  • by Karma Loveday

Pennon gets watchdog derogations for SES Water acquisition

The Competition and Markets Authority (CMA) has granted Pennon a number of derogations, with conditions attached, to the separation requirements in place while its purchase of SES Water is considered.


Among other things, these permit: the replacement of board directors representing the sellers with alternate appointments; a third party observer to attend SES board meetings; Pennon’s company secretary to exercise majority shareholder rights in SES’ parent on behalf of the group; and for certain financial information to be shared.

\

Further, the CMA permitted Pennon to make management appointments in its main operation while the separation period is ongoing, including to appoint a new chair when the incumbent, Gill Rider, steps down in July. There were other derogations too, but the effect is unclear given extensive redactions.

The CMA is yet to confirm its timetable for the case.

Comments


bottom of page